While the June numbers show almost 800 homes in some stage of foreclosure... it also shows 147 that are REO. Compare that to Irvine's current inventory of about 440... it becomes interesting.

Why? Because I can't find 147 REOs on Redfin (I only found 6). EDIT: Actually... thanks to USCTrojan, it looks like the number of REOs on the MLS is about 26... much higher than 6 but not 147... so still a significant number.

And let's talk about that 800 number... this chart is also very interesting:

492 days is the time it takes to foreclose? Over a year? And the banks take twice as long to resell a property than a 3rd party (265 to 126)?

Maybe there won't be a shadow inventory tsunami... but there are definitely homes that aren't being paid for and we aren't able to buy.